Interpreting a work in light of modern tastes and morals, so long as we recognize we're thinking anachronistically, makes sense. Our only real experience of the art comes from our perspective as people living in this time and dealing with contemporary issues. There's great value in understanding the historical/social context in which the artist made his or her statement, but there's also value in observing how the work relates to our experience now.
As someone who appreciates art quite a bit, I completely disagree with the idea that only aesthetics matters. There's plenty of art that I don't particularly appreciate from an aesthetic point of view that still appeal to me because of the ideas it contains.
Specifically on the topic of feminism, I think there's a lot to the general idea that video games reflect simplistic and harmful ideas about the place of women in society. The issue I take with most of the points people make about this, however, is that there's an excessive focus on specific examples. You can't point at any one example of women serving a passive role in the story, for instance, and say that this somehow says something about the creators or our culture. There are all sorts of reasons to have a woman in a passive role, foremost among them the fact that the main character the creator(s) wanted just happened to be male. It's only when we look at games in a larger context and observe trends that we can say anything meaningful about our times.
If people, and I know some do, imply that a particular game ought to be different just to fit some sort of social agenda, they're idiots. But noting the ways in which art reveals troubling things about our ideas of gender, race, violence, etc., is important. Are we supposed to ignore how Hildegard of Bingen attributes female innocence in original sin not to actual goodness but weakness, and instead focus solely on her use of fantastical imagery? Do we ignore Joseph Conrad's caricaturization of Africa and its people in favor of his sonorous narrative voice?
Well, you can if you want, but I'm not going to miss out on a lot of what makes art meaningful just because it's supposedly not relevant.
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